Analysts’ Recent Ratings Changes for Newmont (NEM)

Several brokerages have updated their recommendations and price targets on shares of Newmont (NYSE: NEM) in the last few weeks:

• 11/11/2024 – Newmont had its price target raised by analysts at Bernstein Bank from $55.00 to $58.00.
• 10/30/2024 – Newmont was downgraded by analysts at UBS Group AG from a “buy” rating to a “neutral” rating. They now have a $54.00 price target on the stock, down previously from $67.00.
• 10/28/2024 – Newmont was downgraded by analysts at CIBC from a “sector outperform” rating to a “neutral” rating.
• 10/28/2024 – Newmont was downgraded by analysts at Cibc World Mkts from a “strong-buy” rating to a “hold” rating.
• 10/25/2024 – Newmont was downgraded by analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating. They now have a $55.00 price target on the stock, down previously from $59.00.
• 10/25/2024 – Newmont had its price target raised by analysts at Raymond James from $65.00 to $66.00. They now have an “outperform” rating on the stock.
• 10/24/2024 – Newmont had its price target lowered by analysts at Royal Bank of Canada from $54.00 to $53.00. They now have a “sector perform” rating on the stock.
• 10/15/2024 – Newmont had its price target raised by analysts at UBS Group AG from $65.00 to $67.00. They now have a “buy” rating on the stock.
• 10/4/2024 – Newmont had its price target raised by analysts at Jefferies Financial Group Inc. from $54.00 to $63.00. They now have a “buy” rating on the stock.
• 9/30/2024 – Newmont was upgraded by analysts at Veritas Corp to a “strong-buy” rating.
• 9/17/2024 – Newmont had its price target raised by analysts at UBS Group AG from $50.00 to $65.00. They now have a “buy” rating on the stock.

Newmont Stock Performance

NYSE:NEM traded down $0.55 during mid-day trading on Thursday, hitting $40.68. 15,913,850 shares of the company traded hands, compared to its average volume of 10,541,478. The firm has a market cap of $46.31 billion, a price-to-earnings ratio of -26.76, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The stock’s fifty day moving average price is $51.52 and its 200-day moving average price is $47.41. Newmont Co. has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the prior year, the firm posted $0.36 earnings per share. Newmont’s quarterly revenue was up 84.7% on a year-over-year basis. Research analysts anticipate that Newmont Co. will post 3.15 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.46%. Newmont’s dividend payout ratio is presently -65.79%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. This trade represents a 6.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 3.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last 90 days. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of large investors have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp purchased a new stake in shares of Newmont in the third quarter valued at approximately $246,000. Martingale Asset Management L P lifted its holdings in Newmont by 2.7% in the third quarter. Martingale Asset Management L P now owns 524,621 shares of the basic materials company’s stock valued at $28,041,000 after acquiring an additional 13,731 shares during the last quarter. Vinva Investment Management Ltd lifted its holdings in Newmont by 190.5% in the third quarter. Vinva Investment Management Ltd now owns 68,923 shares of the basic materials company’s stock valued at $3,715,000 after acquiring an additional 45,196 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in Newmont by 11.1% during the third quarter. Public Sector Pension Investment Board now owns 49,238 shares of the basic materials company’s stock worth $2,632,000 after purchasing an additional 4,900 shares in the last quarter. Finally, National Wealth Management Group LLC acquired a new position in Newmont during the third quarter worth $431,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.